Peer to peer lending offers a type of loan that allows you to borrow from individuals instead of banks. P2P loans offer faster approval because its eligibility criteria is less strict. The following are the top 3 P2P lending platforms that offer the fastest loan approvals.
Prosper offers fast loan approval within 1 – 3 business days. With Prosper, you can borrow a loan amount from $2,000 – $35,000 and the repayment of the loan can be spread out over 3 – 5 years. Most of the customers who get approved have good to excellent credit scores in the range of 640 – 710. It does not set any minimum income requirement but most borrowers have an average income of $89,000. The minimum interest rate is 5.99% but it can get as high as 35.99%. Prosper loans charge an origination fee of 1% – 5% depending on what grade the borrower falls into. Besides the origination fee, it also charges late and unsuccessful payment fees. Soft credit check is available with Prosper.
Upstart typically takes 1 day to approve the loan but they can take up to 3 days to approve loans used for the purpose of funding education. Upstart allows you to take out a loan of up to $50,000. They have different minimum loan amount for various states, for example, $3,000 in Georgia and $6,000 in Ohio. The typical APR rate of Upstart P2P loan is from 9.48% – 29.99%. To get approved, you need to meet the minimum credit score criteria of 620 and the minimum income requirement is $12,000 per year. Your debt to income ratio must not be more than 45%. Upstart loans charge fees such as origination fee (up to 8%), late fee (5% or due amount) and $15 fee if your check gets rejected. Upstart loans feature soft credit check.
Sofi loans typically take 7 days to fund it. Sofi loans come with either fixed or variable interest rate in the range of 5% – 15%. If you are hoping to get approved for a Sofi loan, you must make sure that your credit score is 660 or higher. Sofi’s borrowers have a median income of $101,000. You can take out a loan of at least $5,000 and up to a maximum of $100,000 from Sofi. Several loan repayment periods are available starting from 3 – 7 years. It does not charge origination and prepayment fees but it does charge a late fee which is 4% of the due amount. Sofi offers a 15 days grace period for you to repay the loan. Sofi is different from other lenders in that it allows you to participate in a forbearance program that can postpone the payment for 3 months at a time. You can postpone your payment for up to 12 months.